A US-based exchange that was formerly owned by Maryland, and has since been acquired by the State of Maryland, will now exchange its notes with a foreign exchange markets in Italy and Spain.
The exchange, the Maryland State Employees Exchange (MSE), has a long history in the United States and has been one of the most popular options for American workers who wish to exchange their Maryland state-issued currency for foreign currencies.
However, the exchange is currently struggling to make a profit.
The Maryland State Employee Exchange (MSSE) has a history in exchange markets, from the New York Stock Exchange in the 1930s to the Bank of Japan in the 1980s.
The exchange will be operated by MSE and operated in accordance with the state’s exchange act, which mandates that all transactions involving the exchange be conducted in a manner that complies with the law and all requirements to ensure that the public is protected from fraud.
The exchange will also offer to assist US workers with purchasing and exchanging their Maryland State Exchanges’ notes.
Maryland Secretary of State Jamie Raskin said the exchange will continue to operate under the guidance of the state exchange administrator, and that the exchange board has a number of policies and procedures in place to ensure the safety of workers and the exchange’s customers.
“This exchange has been a source of great pride for Marylanders,” said Raskins statement.
“The Maryland State Exchange Board is committed to providing the highest level of security and transparency to the Maryland workforce, and we are very pleased to announce that we will continue the exchange under the state authority we have now under the exchange act.”
The exchange is operated by the Maryland Department of Commerce and Industries and is the third exchange in the State to receive foreign exchange licenses under the Exchange Act.
It is the second exchange in Maryland and the second in the US to be acquired by a foreign entity.
The MSE acquired the Maryland exchange in October 2016 for an undisclosed sum, and MSE CEO Scott Kocher said that MSE was looking to expand the exchange to other states.
The Maryland employees exchange is the largest in the country and has about 4,000 employees.
MSE will now be able to exchange Maryland state issued dollars and foreign currency at the exchange.
Under the Maryland Exchange Act, Maryland must maintain at least one other exchange operating under the same authority.
In order to do this, the State Exchange Act requires MSE to maintain a separate authority to operate the exchange and also has a procedure to allow for an exchange to receive a certificate of exemption, which allows for a state agency to provide services or equipment to the exchange, such as the purchase of a facility.
“We have a strong history of working with our Maryland state employees,” said Kochers spokesperson, Scott Hargrove.
“We are pleased to continue working with them to continue to offer a great exchange experience to our Maryland employees.”
The Maryland Employees Exchange will continue operations under the Maryland Public Service Commission’s Exchange Act authority.
The Exchange Act allows for the exchange boards to acquire, own, operate, and manage an exchange and the MSE is required to comply with the exchange Act’s provisions.